Century Properties enters deal with 3 firms
Century Properties Group Inc. on Tuesday said it has forged an agreement with three property developers to develop a leisure project in Batangas.
In a disclosure to the Philippine Stock Exchange, Century Properties said that its wholly owned subsidiary Century Communities Corp. entered into a joint venture deal with Group Developers Inc., Caylaway Development Corp. and Batulao Bio-loop Farms Inc. develop a 142-hectare property in Nasugbu into a leisure and resort community estate.
The company said the leisure and resort community estate would cater to both local and foreign markets.
Century Properties has four master planned projects, namely Century City in Makati, Canyon Ranch in Cavite, Azure Urban Residences in Paranaque City and Acqua Residences in Mandaluyong City.
Upon completion, they will be home to 23 condominium buildings with 15,703 condominium and office units, and 955 single detached homes with a total expected gross floor area of 1.19 million square meters.
The real estate firm is set to spend P7.3 billion to P8.3 billion this year. It will develop its 4.4-hectare project along Commonwealth Avenue in Quezon City that will offer about 2,000 housing units catering to the affordable segment of the market.
The company is also constructing a lifestyle center that is expected to include a variety of retail offerings to complement its existing developments in Century City.
Century Properties' pre-sales more than doubled to P18.4 billion in 2011, about 67 percent of which came in terms of value came from international markets. On a unit basis, Century pre-sold 5,367 units last year from 2,325 units in 2010.
In the first 10 months of 2011, Century Properties' net income grew 447 percent to P781 million in 2011 from P143 million in the same period in 2010 after revenues doubled year-on-year to P4.02 billion.
Last year, Century Properties completed its backdoor listing in the local bourse with the takeover of dormant firm East Asia Power Corp.
Source: Manila Times | February 8, 2012
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